Global Insurtech Market Gaining Momentum—Projected to Reach | #cybersecurity | #cyberattack


Delhi, Jan. 27, 2022 (GLOBE NEWSWIRE) — The global Insurtech market is driven by the rapid digitization and growing adoption of advanced technologies, such as machine learning, the Internet of Things (IoT), cloud computing, etc. These technologies generate large volumes of data that help insurance companies to track and analyze consumer behavior and remodel the insurance industry model to fill the scantiness of the market…

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global Insurtech market was worth USD 5.3 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 10.6% (2021-2027), earning revenue of around USD 10.7 billion by the end of 2027. The global Insurtech market is driven by the rapid digitization and growing adoption of advanced technologies, such as machine learning, the Internet of Things (IoT), cloud computing, etc. These technologies generate large volumes of data that help insurance companies to track and analyze consumer behavior and remodel the insurance industry model to fill the scantiness of the market. Additionally, developing economies such as India, China, Singapore, China, etc., are emerging with growth potential due to the rising number of Insurtech start-ups. However, data privacy and cyberattacks may be a major constraint on the global Insurtech market.

Rapid Digitalization of Business Models Is Assisting the Global Insurtech Market’s Growth.

Every strand of commerce and government agency, including the global insurance industry, is fiercely seeking the advantages of a digital environment. According to Accenture, a consulting and professional services firm, roughly 86% of insurers plan to innovate and enhance existing business models in order to meet rising insurance demand and maintain a competitive edge by 2022. Furthermore, as business models change, insurance companies worldwide are turning to innovative digital solutions to scale their operations and provide a more customized consumer experience. As a result, the fast digitalization of existing insurance business models is moving the worldwide Insurtech industry forward and contributing to the market growth.

Growing Adoption of Cloud Computing Driving the Global Insurtech Market

Cloud computing has revolutionized many industries with its ease of deployment, resiliency, and versatility, and the insurance industry is no exception. The rising adoption of cloud computing in various industry verticals, especially after the COVID-19 outbreak, is significantly driving the growth of the Insurtech market. Insurance companies across the globe are deploying cloud computing to improve their business model. Cloud computing offers better internal and external data management with a higher level of security. It also provides rapid deployment and easy integration that does not hinder the workflow. Furthermore, the application of cloud computing also helps in risk management by integrating risk data and indicators and various assessment reports. Such benefits of cloud computing are driving the overall market growth of global Insurtech during the forecast period.

 

Request for Sample Report @ https://www.blueweaveconsulting.com/report/global-insurtech-market/report-sample

Rising Demand for Managed Services Propelling the Growth of Global Insurtech Market

Based on services, the Insurtech market is segmented into consulting, support & maintenance, and managed services. The managed services segment accounts for the largest share in the Insurtech market. Managed service providers offer insurance companies with their expertise and knowledge of advanced technologies to improve business efficiency and bring out the best in their business models. On the other hand, the support & maintenance services are also projected to gain substantial growth during the forecast period due to insurance companies’ rising deployment of advanced technologies such as IoT, blockchain, etc.

BFSI has Dominated the Global Insurtech Market Due to The Expanding Banking Sector

Based on end-users, the Insurtech market is segmented into automotive, BFSI, government, healthcare, manufacturing, retail, transportation, and others. BFSI segment has dominated the market due to the expanding banking sector and the growing volume of data which can now be tapped into by Insurtech companies for better services, enabling businesses to improve efficiency and optimize overall costs. The health sector is projected to grow at the fastest rate in the forecast period, as Insurtech adoption is significantly higher than in other insurance sectors. Health insurance companies also use insurance solutions to expedite claim processing. Various technological developments and the adoption of digital core legacy systems for the automation of back-office operations are also contributing to the market’s growth. Other reasons, such as widespread use of the platform and peer-to-peer business models and lower insurance premium rates leading to a rise in the number of policymakers, are expected to propel the industry even further.

The healthcare industry catered to a significant share amidst the end-user sector due to rapid digitization and the increasing use of data-generating devices such as wearable devices. Increasing use of data generation is further driving the demand for better management of data in the healthcare sector and propelling Insurtech’s overall market growth.

In a stretched national health system, finding a doctor is difficult. As a result, Insurtech is now being used in the fast-expanding telemedicine market. Many states in the United States are modifying their legislation to allow for the development of telemedicine. In Europe, remote consultations with doctors are common in France and are becoming more common in the United Kingdom. Despite the fact that Insurtech is now prohibited in Germany, it is just a matter of time until it is adopted there as well, the advantages of Insurtech in healthcare are apparent. The information gathered enables carriers to minimize and decrease risk while promoting mutually beneficial consumer behavior.

North America Region Dominates the Global Insurtech Market

Geographically, the Insurtech market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. The North America region captured a significant market share in the global Insurtech market in 2020. The high-cost spending of insurance premiums and the use of digital technology to track and manage insurance claims have attracted US investors. Due to insurers’ online presence and digital technologies to track their insurance claims, the United States has seen considerable investments from Insurtech providers, and it represents a significant potential market. Various start-ups have emerged in the United States, identifying the potential for better customer-focused insurance services.

However, due to their young and expanding populations as well as a high rate of mobile technology adoption, the APAC countries are expected to grow at the highest rate. Economies such as Singapore, India, Hong Kong are emerging as Insurtech hubs in the global market with an increasing number of potential Insurtech start-ups.

Please visit press release of the global Insurtech market: https://www.blueweaveconsulting.com/press-release/global-insurtech-market-witnessing-a-positive-shift-forecast-to-grow-at-a-cagr-of-10-6-by-2027

Impact of COVID-19 on Insurtech Market

The COVID-19 pandemic offered lucrative growth opportunities to the global Insurtech market. According to Willis Re (one of the world’s most prominent reinsurance advisors), global investment in insurance technology (Insurtech) start-ups reached a record high of $10.5 billion in the first nine months of 2021, a new peak for the period. The third quarter of 2020 witnessed $3.1 billion in investment, up 23% from the pandemic-hit- third quarter of 2020. The coalition, which raised $205 million, and At-Bay, which raised $185 million, were two of the most significant deals in the quarter.

In the global Insurtech market, customers can choose from a variety of insurance policies, including health insurance, home insurance, personal insurance, and more. As a result of the increasing demand for insurance policies, insurance carriers’ use of advanced technology solutions has expanded fast in the market, allowing them to provide advanced tech-based services to their customers. As a result, demand for Insurtech solutions has surged during the global health crisis.

The Insurtech companies registered significant growth through capital investment to meet the changing scenario of the industry. The pandemic has also boosted the adoption of technologies, such as cloud computing, to boost customer engagement and virtual interaction. The pandemic also pushed insurers to invest in and implement Insurtech, focusing on numerous areas, including client centricity, intelligent procedures, accelerating virtual interactions in sales and claims, and cutting costs to stay competitive. Furthermore, the insurance technologies provided a platform for the insurers to demonstrate their services among policy seekers, which helped them to boost their sales and keep their business floating during such unprecedented times.

Global Insurtech Market – Competitive Landscape

The leading players in the Insurtech market are Zhongan Insurance, Damco Group, Wipro Limited, DXC Technology Company, Trov Insurance Solutions, LLC, Majesco, Shift Technology, Oscar Insurance, Quantemplate, OutSystems, Clover Health Insurance, Moonshot-Internet, Acko General Insurance Limited, ThingCo, Tractable, Halos, Sorcery, Sureify, Insurance Technology Services, and other prominent players.

The global Insurtech market is fragmented in nature, owing to the presence of a high number of small businesses catering to the demands of life and non-life insurance sectors. With the rising preference for technical improvements in the insurance sector, such as artificial intelligence, machine learning, and blockchain technology, the number of deals made has been steadily increasing over the last few years. Insurtech firm’s ability to promote insurance industry innovation by generating new products will aid insurance companies in meeting the changing needs of their customers. As a result, various Insurtech companies are gaining traction by providing a new and diverse set of services. They’re also attracting a significant investment, which will help them expand. Insurtech firms, for instance, are employing deep learning-capable artificial intelligence (AI) to assist agents in managing their responsibilities more swiftly and determining the best combination of policies to complete a user’s coverage. Hyperautomation, a combination of ML (machine learning), AI (artificial intelligence), and RPA (robotic process automation), is already proving popular among rapidly scaling Insurtech start-ups looking to differentiate themselves in the market by offering quick services, mobile technology, and low operating costs. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Don’t miss the business opportunity of the global Insurtech market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report’s in-depth analysis provides information about growth potential, upcoming trends, and statistics of the global Insurtech market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global Insurtech market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market’s growth drivers, challenges, and competitive dynamics.

Scope of the Report:

Attributes Details
Years Considered Historical data – 2017-2020
Base Year – 2020
Forecast – 2021 – 2027
Facts Covered Revenue in USD Billion
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation By Type, By Service, By Technology, By End-User, By Region
Key Players Zhongan Insurance, Damco Group, Wipro Limited, DXC Technology Company, Trov Insurance Solutions, LLC, Majesco, Shift Technology, Oscar Insurance, Quantemplate, OutSystems, Clover Health Insurance, Moonshot-Internet, Acko General Insurance Limited, ThingCo, Tractable, Halos, Sorcero, Sureify, Insurance Technology Services, and other prominent players.

Please find below some related report:

  • Global Health Insurance Market, Opportunity and Forecast, 2017-2027
  • Vietnam Fintech Market, Opportunity and Forecast, 2017-2027
  • Vietnam Fintech Market, Opportunity and Forecast, 2017-2027
  • United States Fintech Market, Opportunity and Forecast, 2017-2027
  • India Digital Banking Platform Market, Opportunity and Forecast, 2018-2028

Contact Us:

BlueWeave Consulting & Research Pvt. Ltd

+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662

info@blueweaveconsulting.com

https://www.blueweaveconsulting.com/
https://www.linkedin.com/company/blueweaveconsulting/



Original Source link

Leave a Reply

Your email address will not be published.

3 + three =